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How to make different money personalities work

When two people come together, they might realise their opinions and habits with money are quite different. Here are some things to know about money personalities.

3 minute read

Everyone has a different approach to money – it can stem from your family influence, experience, personality, or circumstance. Just like whether you’re an introvert or an extrovert, your financial habits have a personality too. These range from types which are controlled and practical, to entrepreneurial and wishful. Understanding your money personality will not only help you identify your own strengths and weaknesses, but help you figure out how to make things work with another money personality type, like when buying a house with a partner, or starting a business with a friend.

Different money personalities

There are a few different money personalities – depending on how in-depth you go, results can range from five to 15 diffrerent types. Each with their own strengths and weaknesses, these types are used to distinguish your distinct way of thinking about and dealing with money. For a detailed analysis of your own personality looking at the five main types, you can complete this test.

Managing other money personality types

Whether you’re buying a first home, going into business, or even just opening a joint bank account with your partner, contrasting personalities can make money management an extremely contentious issue.

Everyone has their own opinions when it comes to money management, so getting to know each other’s money personality types will better help you predict and resolve possible problems early on. If you discover that you and your partner have opposite financial personalities, it doesn’t mean you aren’t compatible. It may be that a little more compromising and learning from one another is required, but it can also mean more opportunities and a wider overall perspective.

Putting a plan together

It’s important to understand that different attitudes towards money can affect your financial goals, joint or not. So making sure you both communicate your thoughts early on, and work towards an agreed plan will benefit you hugely in the long run. A starting point is separating out your essential spending and putting it into ‘long-term’ and ‘day-to-day’ categories.

Long-term - this encompasses all of the big topics you discuss around finances, including things like reducing debt, investing, tax, retirement, and insurance planning.

Day-to-day - this involves your daily budget. It’ll determine whether you’re making your coffee at home or can take a trip to the local café. Or whether to buy a good-for-now version, or splurge on something high-quality.

Long-term budgets can be set out and worked towards over time, whereas your day-to-day budget can change rapidly depending on outside influences. If you think your financial situation is set to change temporarily, the first thing you need to re-evaluate is your day-to-day spending.

Changing perspectives

Your current money personality might not be the same forever. For instance, a catalyst for change might come from something drastic happening, forcing you to immediately alter your attitude toward spending. On the other hand, it might come from a subtle influence like a friend or family member.

Either way, all personalities come with their own strengths and weaknesses, and finding someone whose personality is different to yours could just be the positive push you need to spend less and save more, or to encourage you to finally take that leap into business you’ve been dreaming of.

Making big commitments with another person can bring questions to the surface, especially when you may have different money personalities. Communicating openly and understanding each other’s financial goals, needs, and personalities will help you navigate future hurdles and set yourselves on a clearer path to success.

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